Two former Parramatta Eels players are accused of harbouring semi-automatic weapons and possessing more than half-a-million dollars in cash after dramatic arrests in Sydney's Centennial Park yesterday.

Vic magistrates to handle bail matters

Victoria's premier says "nothing will be off limits" in a major shake up of the bail system after the Bourke Street tragedy.

Volunteer bail justices will no longer be needed for serious matters, with on-call magistrates to take over after-hours cases in coming days.

The man accused of killing five people and wounding dozens more when he drove into pedestrians along Bourke St on Friday had been granted bail five days before the tragedy by a volunteer bail justice, against police advice.

The new bail system is unlikely to be in place before Dimitrious 'Jimmy' Gargasoulas, 26, is charged, likely on Monday, meaning he may yet again face a volunteer bail justice if he's required to attend an out of sessions hearing.

Premier Daniel Andrews says "nothing will be off limits" in a review of the state's bail system.

"Each of the families and those victims are owed nothing less than the hard work required and our singular focus to make the change necessary to make Victoria safer," he told reporters on Monday.

He said "no expense will be spared to get this right" and extra magistrates and resources would be engaged.

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Former Director of Public Prosecutions Paul Coghlan will review the entire bail system.

"Nothing will be off the table. Nothing will be off limits," Mr Andrews said.

Mr Coghlan has an April 3 deadline to provide the government with urgent advice on changes to the bail system.

The review will look at whether police will be able to remand serious offenders overnight until they can face a magistrate in the morning.

Attorney-General Martin Pakula said Mr Coghlan's review would also investigate the balance between community protection and the presumption of innocence.

Mr Andrews said it was expected two to three additional magistrates would be made available "within days" while the establishment of the night court would take "a little longer".

Police Association of Victoria boss Ron Iddles supported the changes.

"The environment has changed where we need 24/7 magistrates available to hear these sorts of applications," Mr Iddles told ABC 774.

Shadow attorney general John Pesutto said bail justices weren't the problem but rather a judicial culture that's too soft on violent crime.

"Bail justices have tended to remand more people than they've bailed. The opposite is true for magistrates," Mr Pesutto told AAP.

Opposition leader Matthew Guy proposed that people should be automatically remanded in custody for violent crimes unless they can show good cause not to be, and a "one strike and you're out" rule for those who break bail.

"More people will need to be remanded, yes, but what price do we put on community safety?" he told reporters.